On 14 April 2026, the FSC launched its latest research, The Role and Value of Digital Advice in Australia. Bringing together industry leaders across superannuation, financial advice businesses, and digital advice providers, the event examined how digital financial advice is being deployed in practice and what it means for the future of the advice 'ecosystem'.
The session combined a presentation of key findings led by Duncan McPherson (Principal, Borromean Consulting) with a panel discussion featuring Andrew Baker (COO, Ignition), Ross Barnwell (Director, Otivo), Jo Brennan (Group Executive, Aware Super), and Matthew Fogarty (Head of Strategic Relations, InFocus), chaired and hosted by Zein El Hassan (Partner, Mills Oakley).
Activating Financial Engagement and Building Confidence
Opening the session, Duncan McPherson outlined the central finding of the research: that digital advice is playing a critical role in activating engagement with Australians' financial futures. Rather than access to information, the key constraint remains consumer confidence to act on important financial decisions.
Digital advice tools were identified as reducing friction in the decision-making process, enabling consumers to build confidence before engaging with higher-consequence decisions.
The research reinforced that digital and human advice are not substitutes, but mutually reinforcing: among Australians concerned about having enough to retire, 28 per cent of digital users intend to seek advice in the next 12 months, compared to 11 per cent of non-users. This gap widens over time, with 35 per cent of users intending to seek advice in the next 2-3 years and 52 per cent in the longer term, versus 14 per cent and 34 per cent respectively for non-users.
The Advice Ecosystem: Rethinking Advice Delivery
Panellists described an emerging "ecosystem" of financial advice tools, where consumers engage with financial advice through a range of channels. Digital advice, professional advisers, online calculators and varied sources of financial information all play a role, depending on Australians' life stage and needs.
Duncan explained this reflects broader behavioural trends as consumers are increasingly "picking their own path": engaging with financial decisions in more flexible and iterative ways. Digital advice is central to this model, acting as both an accessible entry point and a complement to more comprehensive advice.
Scaling Advice and Expanding Access
Jo Brennan highlighted the role of digital advice in expanding access to financial guidance within large superannuation funds and better servicing the full breadth of their membership, noting that only a small proportion of members can currently access comprehensive professional advice. Digital tools are enabling funds to "democratise" advice provision, reaching a broader member base and driving measurable engagement outcomes.
This was reinforced by Matthew Fogarty, who noted that increased digital engagement to date is already driving higher demand for comprehensive advice; creating both an opportunity and a capacity challenge for financial advice businesses.
AI, Competition and the Role of Regulated Advice
The rapid rise of generative AI emerged as a central theme of the discussion. Panellists acknowledged that unregulated AI tools are increasingly being used by consumers to make financial decisions, repeating the observation of Vanguard global chief economist Joe Davis that ChatGPT is "probably the largest provider of financial advice in the world."
Rather than positioning digital advice as a defensive response, panellists emphasised the opportunity for regulated providers to offer a safer alternative, combining the productivity of technology with appropriate governance, transparency, and human oversight.
Andrew Baker reinforced this point by challenging the claim that consumers only make meaningful financial decisions in the presence of a human adviser. In practice, Andrew argues individuals are already making complex decisions independently, stating digital advice is "an opportunity to meet consumers where they already are." He noted that providers who effectively and safely integrate AI into their service offering stand to enhance both their value proposition and consumer outcomes, rather than be displaced by it.
Ross Barnwell similarly framed the issue through the lens of accessibility and consumer behaviour, noting that a large proportion of Australians still do not receive any form of financial advice. He highlighted the "fear of messing up" as a key barrier to engagement, arguing that digital advice can play a critical role in overcoming this by providing consumers with a means to understand their options in a structured and regulated environment. He noted the enormous potential for businesses offering lower-cost, guided pathways that sit between unregulated tools and comprehensive financial advice.
Looking Ahead
There was broad agreement that digital advice will continue to scale rapidly across the industry, with most large super funds and advice businesses expected to have commenced meaningful rollouts of some form of digital tool by 2027. As adoption grows, the focus will shift toward refining hybrid models, improving data and personalisation capabilities, and ensuring that governance frameworks keep pace with rapid technological change "evolving by weeks and months, not years".
The discussion underscored a clear industry imperative to meet consumers where they already are: engaging with financial decisions in digital, low-friction environments, while ensuring those interactions occur within regulated frameworks that support better financial outcomes.
The FSC thanks Zein El Hassan and Mills Oakley for hosting the event and all speakers and attendees for contributing to a thoughtful and forward-looking discussion on the evolving role of digital advice in Australia.
Download the research paper and read the media release here.
